MSNBC On The Chopping Block As Comcast Greenlights $7 Billion Spinoff

Comcast on Wednesday announced that it will move forward with plans to spin off its NBCUniversal cable TV networks - including MSNBC, CNBC, USA, Oxygen, E!, Syfy and the Golf Channel.

(of course a season 2 Firefly reboot might have saved the whole thing... hint to the new buyer).

All together, the assets generated around $7 billion in revenue in the 12 months ended Sept. 30, the WSJ reports. The company will keep Bravo - known for the "Real Housewives," as well as the Peacock streaming service and NBC broadcast network. Executives are betting that their remaining assets - including in broadcast TV, sports, movies and theme parks, will be better positioned for growth.

Years of cord-cutting have taken a big toll on both subscribers and viewership - with every major media company pulling back on spending. Comcast, however, is the first to carve out nearly the entire business into a separate firm.

The transaction, structured as a tax-free spinoff to Comcast shareholders, is expected to take around a year to complete. The new cable venture will have an ownership structure that mirrors Comcast’s, with Comcast Chairman and CEO Brian Roberts holding a one-third voting stake. Roberts won’t be on the board of the new venture.

Mark Lazarus, who is currently the chairman of NBCUniversal’s media group, with oversight of TV and streaming platforms, will be named chief executive of the new venture. Anand Kini, who has served as chief financial officer of NBCUniversal, will be the CFO and operating chief of the new company. -WSJ

Other leadership changes related to the spinoff include Chief Content Officer Donna Langley transitioning to the chairman of NBCUniversal Entertainment and Studios - which will allow her greater authority to greenlight productions and more control over content spending.

She will also oversee the entire entertainment portfolio's marketing efforts.

Comcast veteran Matt Strauss - who heads the direct-to-consumer business, will beecome the chairman of NBCUniversal Media Group, while Cesar Conde will remain chairman of NBCUniversal News Group, which oversees NBC News, Telemundo and local TV stations.